本文關(guān)鍵詞： 最終控制人性質(zhì) 盈余波動(dòng) 現(xiàn)金流波動(dòng) 知情交易概率　出處：《新疆財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：信息披露質(zhì)量的好壞關(guān)系著市場(chǎng)經(jīng)濟(jì)能否有效運(yùn)行，對(duì)投資者的理性決策也產(chǎn)生著至關(guān)重要的影響。信息經(jīng)濟(jì)學(xué)理論的迅速發(fā)展為我們研究資本市場(chǎng)的信息質(zhì)量問題提供了良好的理論基礎(chǔ)。目前，市場(chǎng)微觀結(jié)構(gòu)的國(guó)內(nèi)外研究文獻(xiàn)中有關(guān)信息質(zhì)量問題的研究主要局限在金融學(xué)領(lǐng)域，將內(nèi)生性信息理論運(yùn)用到會(huì)計(jì)學(xué)領(lǐng)域的研究文獻(xiàn)還比較少，尤其是在實(shí)證研究方面。本文擬試圖彌補(bǔ)這一缺陷，在借鑒國(guó)內(nèi)外相關(guān)研究文獻(xiàn)的基礎(chǔ)上，試圖用實(shí)證研究的方法理論和邏輯框架來研究不同產(chǎn)權(quán)性質(zhì)、報(bào)告盈余中應(yīng)計(jì)部分對(duì)企業(yè)信息環(huán)境的影響。 本文以2006年至2010年上海證券交易所709家A股上市公司為最終研究樣本。通過建立因變量與解釋變量的多元回歸模型，實(shí)證檢驗(yàn)了最終控制人性質(zhì)、應(yīng)計(jì)波動(dòng)與知情交易概率的相關(guān)關(guān)系。首先，經(jīng)過實(shí)證研究我們發(fā)現(xiàn),國(guó)有企業(yè)的知情交易水平整體上要低于非國(guó)有企業(yè)。政府控股比例越大的企業(yè)，其知情交易水平越低，二者呈現(xiàn)出明顯的相關(guān)性。為使實(shí)證結(jié)果更加穩(wěn)健可靠，我們進(jìn)一步考慮了報(bào)告盈余公告前后不同產(chǎn)權(quán)性質(zhì)的企業(yè)的知情交易變化狀況。 其次，我們研究了報(bào)告盈余平滑或波動(dòng)的信息含量，尤其是平滑盈余和洗大澡的信息效應(yīng)。通過實(shí)證研究我們發(fā)現(xiàn)，當(dāng)報(bào)告盈余比現(xiàn)金流更平滑時(shí)，會(huì)發(fā)生較多的知情交易；當(dāng)報(bào)告盈余比現(xiàn)金流的波動(dòng)程度更大時(shí)，知情交易也會(huì)明顯增多。進(jìn)一步地，更平滑的報(bào)告盈余和更波動(dòng)的報(bào)告盈余的變化與知情交易的變化具有顯著相關(guān)性。進(jìn)而，，我們將報(bào)告盈余的應(yīng)計(jì)部分進(jìn)一步細(xì)分為操控性應(yīng)計(jì)和非操控性應(yīng)計(jì)，研究發(fā)現(xiàn)操控性應(yīng)計(jì)部分與更多的知情交易顯著相關(guān)。應(yīng)計(jì)波動(dòng)ACEV的絕對(duì)值與知情交易正U型關(guān)系仍然成立。 最后，在對(duì)產(chǎn)權(quán)性質(zhì)和應(yīng)計(jì)波動(dòng)交叉因素的聯(lián)合效應(yīng)分析時(shí)，我們發(fā)現(xiàn)非國(guó)有控股企業(yè)的報(bào)告盈余中應(yīng)計(jì)部分與企業(yè)發(fā)生知情交易的可能性的相關(guān)性明顯高于國(guó)有企業(yè)，股票交易中發(fā)生知情交易的概率更高。 以上研究表明，更波動(dòng)或更平滑的報(bào)告盈余向資本市場(chǎng)傳遞了噪音信息，干擾了投資者的理性決策，其解釋力低于現(xiàn)金流波動(dòng)。國(guó)有控股公司信息對(duì)稱程度較低，盈余公告的信息披露質(zhì)量較好，管理者利用私有信息謀取私利的可能性較小。強(qiáng)化信息披露質(zhì)量，提高上市公司信息透明度，降低信息不對(duì)稱程度，已成為資本市場(chǎng)研究的重要課題，希望本文的研究結(jié)論能給我國(guó)資本市場(chǎng)的信息披露管制提供一定的經(jīng)驗(yàn)證據(jù)。
[Abstract]:The quality of the quality of information disclosure related to the effective operation of market economy, rational investors also have a crucial impact. Provide a good theoretical basis for the information quality of the rapid development of information economics theory study the capital market for us. At present, the market microstructure research literature at home and abroad in the research on information quality problems the main limitation in the field of finance, the endogenous information theory to the research literature in the field of accounting is still relatively small, especially in empirical research. This paper tries to make up for the defects, on the basis of the relevant research literature at home and abroad, trying to use the method of empirical research and theoretical logic framework to study different properties accrued, part of the enterprise information environment influence report earnings.
This paper in 2006 to the Shanghai stock exchange in 2010 709 A-share listed companies as A for the final study sample. Through the establishment of multiple regression model variables and explanatory variables, the empirical test of the nature of the ultimate controller, accrual volatility and the probability of informed trading relationship. First, through empirical study, we found that the overall level of informed trading in state owned enterprises is lower than non state-owned enterprises. The government holding a larger proportion of enterprises, the informed trading level is low, the two has a clear correlation. In order to make the empirical results more robust, we further consider the informed trading status report earnings before and after the announcement of the companies of different property rights.
Secondly, we study the information content of earnings smoothing or volatility, especially smooth earnings and big bath information effect. Through empirical research we found that, when earnings than cash flow more smoothly, will have more informed trading; when the volatility of earnings is greater than cash flow, informed trading will be increased significantly. Further, change more smooth earnings and more volatile earnings and informed trading has significant correlation. Furthermore, we will report earnings accrued part is further divided into discretionary accruals and non discretionary accruals, the study found that discretionary accruals and more informed trading significantly. The absolute value of ACEV meter should volatility and informed trading is U type relationship still holds.
Finally, in the analysis of the nature of property rights and the combined effects of cross accrual volatility factors, we found that the correlation between plan and enterprise should the possibility of informed trading was significantly higher than that of state-owned enterprises state-owned companies report earnings, the stock transaction occurred in the probability of informed trading is higher.
浠ヤ笂鐮旂┒琛ㄦ槑,鏇存嘗鍔ㄦ垨鏇村鉤婊戠殑鎶ュ憡鐩堜綑鍚戣祫鏈競(jìng)鍦轟紶閫掍簡(jiǎn)鍣煶淇℃伅,騫叉壈浜?jiǎn)鎶曡祫?

本文編號(hào)：1517596